Wedbush Downgrades Qiagen NV (QGEN) to Neutral; Challenging Macro Issues Likely To Continue Weighing on Shares

Wedbush downgraded Qiagen NV (NASDAQ: QGEN) from Outperform to Neutral with a price target of $19.00, also cut from $24.00.

Wedbush analyst says, "Our prior rating and estimates were built on the premise that hospital visits would improve significantly in 2H11, driving a substantial improvement in QGEN’s HPV franchise and other diagnostics revenues. We believe there is a lower likelihood of this tailwind now and the worsening EU situation may not be good for business either. We remain optimistic about QGEN’s faster growing personalized medicine and profiling segments however we don’t believe they can provide enough of an inflection for sales and earnings in the near term. Additionally, CPHD’s recent outperformance means that they could be a more serious threat in the HPV field long term which would be problematic for QGEN."

For more ratings news on Qiagen NV click here and for the rating history of Qiagen NV click here.

Shares of Qiagen NV closed at $17.88 yesterday.

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